Waiting for Spain

31 Jan 2014

January 2014 has had is similar amount of covered bond supply as this time last year, but redemptions and coupon payments have almost halved compared with 2013. The most deals have come from France and Italy, both up sharply from last year, while the largest decline in issuance has been in Spain, and to a lesser extent Germany and Norway.

At nearly €20bn, covered bond issuance for the month of January was largely unchanged from last year. However, net negative supply last year was much greater. There were €35bn of redemptions last January, versus €18bn this time. Coupon payments of about €5bn last January were slightly larger than ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial